Fort Sill, Oklahoma Property Taxes
The median property tax rate in Fort Sill, OK is 1.14%, notably higher than both the national median of 0.99% and Oklahoma's state median of 0.97%. With the median home value in Fort Sill, the typical annual property tax bill reaches $479, well below the national median of $2,690. Property taxes in Fort Sill are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Fort Sill's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Fort Sill or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Fort Sill, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.14%
Estimate Property Tax Bill
$478
Ownwell’s Fort Sill Property Tax Bill Calculator enables homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Fort Sill with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Fort Sill to provide an estimated property tax bill. This valuable tool helps you understand potential tax liabilities, giving you a clearer picture of your financial obligations. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value, determined by Comanche County, forms the basis for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Fort Sill, Oklahoma
Property taxes in Fort Sill, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fort Sill is 1.14%, significantly higher than both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within Fort Sill set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fort Sill estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Fort Sill's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73503 zip code has the highest median property tax rate of 1.14%, while the same zip code also has the lowest median tax rate of 1.14%. Understanding how these cities compare with Fort Sill provides valuable insights into the varying tax landscape across Comanche County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fort Sill Tax Rate
1.14%
Average Comanche County Tax Rate
1.15%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fort Sill, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73503 | 1.14% | 1.14% | 1.14% | 1.17% | 1.19% |
Source: Ownwell
Property Tax Assessment Values Across Fort Sill, Oklahoma
In Fort Sill, Oklahoma, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Comanche County Assessor for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. Assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Fort Sill helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 73503 has the highest and lowest median tax bill at $479.
Average Fort Sill Assessed Value
$41,943
Average Comanche County Assessed Value
$99,838
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fort Sill, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73503 | $16,365 | $25,956 | $41,943 | $96,878 | $129,839 |
Source: Ownwell
Property Tax Bills Across Fort Sill, Oklahoma
Property tax bills in Fort Sill, located in Comanche County, Oklahoma, are calculated based on the assessed value of a property, which is typically a fraction of its market value. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. In Fort Sill, the median home price is $41,943, and property tax bills vary significantly. Homeowners in the 25th percentile pay around $300, while those in the 75th percentile face bills of approximately $1,101. At the 90th percentile, property taxes can reach up to $1,474. These figures reflect how property taxes can impact homeowners differently depending on the value of their property. For instance, the highest and lowest median tax bills in the area both stand at $479 for the zip code 73503, indicating some consistency in tax rates across different properties. Comparing this to the national median property tax rate of 0.99%, Fort Sill's property taxes appear to be relatively moderate, providing a manageable financial obligation for its residents.
Average Fort Sill Tax Bill
$479
Average Comanche County Tax Bill
$997
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Fort Sill, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73503 | $192 | $300 | $479 | $1,101 | $1,474 |
Source: Ownwell